Here is an extraordinary article on how to rationally evaluate the different returns that different asset classes obtain, and how to diversify away risk and volatility by constructing a portfolio. The conclusions are not great for someone seeking Alpha, as the author suggests that because diversification is extremely easy these days, and because there is a long history of markets, stock market valuations would rise to a point where the differential in return between stocks as an asset class and other asset classes like government bonds will narrow or disappear.

Here is a great post on different levels of investors, and how one can progress (if at all) from being a good investor to being a great investor, and from being a great investor to being a legend.